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11-26-2010, 12:01 PM
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#1
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
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Amt 2010
Anyone have any thoughts on whether we are likely to see a last minute patch go thru on AMT for the 2010 tax year?
I know I am hoping so as otherwise we are going to have to pony up a few bucks. I wish they would do a permanent fix on this tax as no way do we have excessively high income and have no deduction besides high State taxes which we lose under AMT.
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I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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11-26-2010, 12:06 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2008
Posts: 12,566
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Our income isn't excessively high either - but we've been paying AMT for years. I budget for it now.
I would be astonished if Congress fixed AMT. They don't know to pay the country's bills as it is. (No intention of starting a political rant).
Amethyst
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If you understood everything I say, you'd be me ~ Miles Davis
'There is only one success – to be able to spend your life in your own way.’ Christopher Morley.
Even a blind clock finds an acorn twice a day.
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11-26-2010, 12:13 PM
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#3
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Moderator Emeritus
Join Date: Feb 2004
Location: minnesota
Posts: 13,228
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Odds are there will be wheeling and dealing to get the patch. Can't go from 4 million paying AMT to about 25 million without serious fallout. But then again, I thought that the estate tax would be fixed before it went to zero this year.
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No more lawyer stuff, no more political stuff, so no more CYA
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11-26-2010, 12:16 PM
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#4
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Moderator Emeritus
Join Date: May 2007
Posts: 12,890
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I have heard on the news that the AMT will likely be patched again this year (there seems to be broad consensus about it as both parties refuse to increase taxes on the middle class).
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11-26-2010, 12:17 PM
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#5
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 17,707
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Quote:
Originally Posted by DangerMouse
Anyone have any thoughts on whether we are likely to see a last minute patch go thru on AMT for the 2010 tax year?
I know I am hoping so as otherwise we are going to have to pony up a few bucks. I wish they would do a permanent fix on this tax as no way do we have excessively high income and have no deduction besides high State taxes which we lose under AMT.
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Best SWAG is that the AMT will be used as a bargaining chip by the dems to make the pubs go along with "temporary" instead of "permanent" tax "cuts" on the "wealthy". I could be wrong, of course. I was once.
Ultimately, they always seem to get around to doing the AMT patch, but it's getting pretty close to complete this year. They can still fix it first of next year in some retroactive bill, I think.
Not to get political (Mods feel free to delete) but do you 'spose AMT patches, last-minute fixes and other manipulations are why Congress' poll numbers are lower than dirt?
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Ko'olau's Law -
Anything which can be used can be misused. Anything which can be misused will be.
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11-26-2010, 12:20 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Probably do a one year patch again, I think it will be difficult to get any meangingful legislation done with a split majority Congress.........
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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11-26-2010, 12:26 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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I think they'll just kick the can down the road again this year and renew last year's can-kicking.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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11-26-2010, 12:35 PM
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#8
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
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What AMT? Heh heh heh...
Ever since my wife quit working and I worked part-time, we have been paying so much less tax than before.
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"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
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11-26-2010, 12:52 PM
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#9
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,021
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I expect they will patch it again. If they do actually make some of the changes recommended by that commission and get rid of a bunch of deductions, and raise the standard deduction substantially they should have no problems getting rid of AMT altogether.
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Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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